What is Coinbase?

Coinbase is a US company that serves as a hub for purchasing cryptocurrency, and most popular, Bitcoin. The company itself is probably the most popular and well known hub for purchasing cryptocurrency. They have been around for many years now and have become one of the most widely known Bitcoin companies that is available in the United States.

The company is based in the United States, more specifically in San Francisco, California. The company was originally created in 2012 by Brian Armstrong and Fred Ehrsam. They now operate in over 30 countries and has served millions of clients worldwide!

Being that Coinbase is set up in the US, they are required to abide by US State and Federal Laws. This makes the website much more secure and less intrusive to hackers and those trying to break into the website to steal cryptocurrency.

Coinbasehas a very good customer service group that is very helpful. They are available through email and all though it can be frustrating to wait for a response, once they respond it is usually positive and with a decent resolution. I have personally reached out to them on two occasions and both times, they have been very helpful and responsive.

Getting Started with Coinbase

Getting started with Coinbase is relatively simple. You will first need to set yourself up an account and get verified so you can buy your cryptocurrency. This process is very easy if you follow the following steps.

Create Account – The first thing you will need to do is create an account. This is done by filling out a forum online and selecting what type of account you will use, whether individual or business.

Verify Phone Number – The next step will be to verify your phone number. This is done so that 2-factor verification can be utilized to maintain the strictest of security.

Payment Method – You will next have to set up your payment method. Coinbase allows you to use either debit card or bank transfer along with Paypal withdrawals.

Bank Transfers – If you set up a bank transfer account, Coinbase will normally make two small transactions to and from your account, which verifies the bank account. Bank transfers will take 3-5 business days to complete.

Debit Card – If you intend on using a debit card, you may be required to taking a screenshot of the debit card. Debit card transactions are instant and immediate.

Once you get verified, you will be able to purchase small amounts worth of Bitcoin each week, using your debit card. All of their deposits are insured, so they make their website one of the most secure options for purchasing cryptocurrency.

Benefits of Coinbase

One of the best benefits of Coinbase is their vast security features. They provide two types of wallets for their users to make life simple. The first type of wallet is just a basic wallet that is used for general usage. This is great for beginners as there really isn’t much to learn with this wallet, except writing down a wallet key. The wallet itself is contained on Coinbase and is secured by the hub website. The second type of wallet is basically a vault and is called a Multisig Vault. This is the much more secure version and serves as a much more safer means of securing your cryptocurrency.

Another great feature and benefit of Coinbase is the fact that there is very little wait time when making a transaction. With the recent increase in Bitcoin transactions and cryptocurrency transactions in general, it sort of increased the transaction time due to the amount of time it takes to process each request. That is not the case with Coinbase as their transaction periods rarely are more than a day.

Negativesof Coinbase

The one negative that we want to mention right away is the fact that due to increased popularity with Bitcoin, new accounts were taking a bit longer to get approved and verified, although that is pretty much not happening anymore. This is a product of the beast as when the price goes up and the media talks about how profitable cryptocurrency can be, the supply and demand goes through the roof and people rush to sign up for new accounts. When this happens, the time required to open an account drastically increases.

The second biggest negative is Coinbase has been known to monitor their clients usage on the website. For example, if you utilize Coinbase for sending Bitcoin to an offshore sportsbook, they will send you a nice little email stating that you have violated their Terms and Conditions and they will politely ask you to refrain from any further actions with sending Bitcoin to an offshore sportsbook.

Another negative with Coinbase is the fact that they only offer (14) four cryptocurrencies. Currently, you can only purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, Stellar Lumens, Ethereum Classic, Zcash, BAT, USD Coin, ZRX, Augur and Dai. When some investors are looking to sign up for a new account, at times they want a huge variety of options although for the most part many other coins are probably not worth purchasing.

Overall Conclusions of Coinbase

Coinbase is without a doubt one of the most widely used brokers for purchasing Bitcoin. They have a strong backing and are considered one of the most stable companies to buy your cryptocurrency. They are a bit limited on what coins you can buy but their fees and turnaround time, make it worthy to purchase your Bitcoin, Ethereum and Litecoin via their company. I have over 3 years of experience using Coinbase and have only had two issues with the website, both of which were rectified within 48 hours. We feel that Coinbase is a respected company and worthy to use for purchasing your Bitcoin, Ethereum, Litecoin and a number of other currencies.

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